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Frances sells earrings in the perfectly competitive earring market. Her output per day and costs are as follows:OUTPUT PER DAY TOTAL COST0 11 2.52 3.53 4.24 4.55 5.26 6.87 8.78 10.79 13a) If the current equilibrium price in the earring market is $1.8, how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make?
b) Suppose the equilibrium price of earrings falls to $1. Now how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make? Show your work.
c) Suppose the equilibrium price of earrings falls to $0.25. Now how many earrings will Frances produce, what price will she charge, and how much profit (or loss) will she make?
The world price of wine is below the price that would prevail in the United States in the absence of trade. a.) Assuming that American imports of wine are a small part of total world wine production, draw a graph for the U.S. market for wine under ..
My income is $300 a month, the price of good X is $4, and value of good Y is also $4. Given these prices & income, I purchase 50 units of X and 25 units of Y.
Suppose you are the owner of a small bank in a state that is planning allowing interstate banking. You do not like this because it will be possible for large money center banks in Washington,
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Discuss how do government bureaus differ from private firms and explain why is there good reason to believe that bureaucrats will seek to supply more than efficient level of their output in any year?
The U.S. Postal Service (USPS) operates at a loss but its closest competitors - UPS and FedEx - both operate at a profit. Suggest how fixed costs have contributed to the situation of the USPS. Provide support for your response.
The market may function more efficiently if there is only one manufacturer. Recognize markets where monopolies may profitable, and describe why this is the case.
What is the "current macroeconomic situation" in the U.S. (e.g. is the U.S. economy currently concerned about unemployment, inflation, recession, etc.) What fiscal policies and monetary policies would be appropriate at this time
which helps to explain both the increase in the US current account deficit ( a broad measure of the trade deficit) and the relatively low level of long term real interest rates in the world today" is this statement consistent with the models you h..
After a frenzied month of legislating, the House and Senate produced an economic stimulus bill estimated yesterday to cost $787 billion, with $281 billion in new tax cuts and the remainder in one-time spending on infrastructure investments, expand..
The key factors that affect the success of international projects are: selecting the right projects, selecting the right parteners, providing an effective leadership Discuss why these factors are vital for the success of international construction pr..
The demand for money in a country is given by, Assume that the money supply is set by the central bank at $1,198,000. Determine the equilibrium interest rate.
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